2 weeks Ago By New Telegraph
Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30, 2024, to the Nigerian Exchange Group (NGX). The bank reported profit before tax of N60.62 billion, representing an increase of 174 per cent over the N22.
13 billion recorded in the corresponding period in 2023. Wema Bank’s balance sheet remained well structured with total assets growing by 38 per cent to N3,084.27 trillion in Q3’24 from N2,240.
06 trillion in FY’23. The bank also grew its deposit base year to date by 23 per cent to N2,292.30 billion from N1,860.
57 billion reported in FY’23. Loans and Advances grew by 25 per cent to N1003.28 billion in Q3’24 from N801.
10 billion in FY’23. NPL stood at 3.19 per cent as at Q3’24.
The bank recorded an improved third quarter performance as Gross Earnings grew by 91 per cent to N288.32 billion (Q3 2023: N150.90bn)).
Interest Income was up 81 per cent y/y to N229.11 billion (Q3 2023: N126.67bn).
NonInterest Income up 144 per cent y/y to N59.21 billion (Q3 2023: N24.23bn).
Return on Equity (ROAE) of 38.62 per cent, Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.
06 per cent and Cost to Income ratio of 60.47 per cent, speak to the resilience of the brand. The Managing Director/Chief Executive Officer of the bank, Mr.
Moruf Oseni said: “Our Q3’24 numbers speak to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. “The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174 per cent.
The growth of Gross Earnings by 91.07 per cent, Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet.
In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period. Wema Bank is a leading financial services entity with banking operations across Nigeria, it’s leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.
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